Pembroke Square

What Pembroke Square does

Pembroke Square is a mixed-use commercial real estate destination in Virginia Beach, Virginia, operated by Pembroke Square Associates and professionally managed by Pembroke Realty Group. The property originated as Pembroke Mall in 1966 and was rebranded in July 2022 following a $200 million redevelopment announced in November 2021. The asset sits at 4554 Virginia Beach Blvd within the Virginia Beach Town Center area and currently hosts over 20 retail tenants (Target, Nordstrom Rack, REI, DSW, J.Crew Factory, Old Navy, Kohl's with Sephora, Bath & Body Works) plus dining and entertainment venues (Fogo de Chão, LongHorn Steakhouse, Jason's Deli, Funny Bone Comedy Club, DraftCade, Kura Revolving Sushi Bar coming soon). In the trailing twelve months ending April 2026, the property recorded 4.8 million visits and 1 million unique visitors, a 6.7% increase year-over-year, with notable 20-25% growth in late-evening 9-11PM traffic.

The portfolio has been expanded from a traditional enclosed mall into an integrated live-work-play-stay district via three complementary components. The Pembroke is a luxury apartment community located within the square; Aviva Pembroke is a senior living community (121 independent living, 26 assisted living, 12 memory support units) operated as a joint venture with Beth Sholom Village; and Tempo by Hilton is a 163-room upscale lifestyle hotel under development with Landmark Hotel Group, expected to open early 2027. Revenue is generated through commercial lease income (base rent plus percentage rent typical of retail mall economics), senior living resident fees, residential monthly apartment rent, and — once operational — hotel room, food and beverage, and meeting space revenue. The property also supports service tenants (Target Optical, Truist Bank, EyeCare Optometry, Tire Choice) and operates event programming (Kickin' Kids Cancer, Coastal Edge Local Heroes Day, food drives) to drive community engagement.

The business is privately held, family-owned through Pembroke Square Associates, with no disclosed external private equity, venture capital, or institutional investor involvement. Leadership includes Ramsay S. Smith (President, Pembroke Realty Group) and Fred Napolitano Sr. (Emeritus), both recognized in the Inside Business Power List 2026. The management structure relies on JV partnerships for specialized operating expertise (Beth Sholom Village for senior living operations, Landmark Hotel Group for hotel operations) rather than building these capabilities in-house. The underlying technology stack is commodity property management software and digital marketing tools — there is no proprietary technology core, and AI/ML capabilities are not evidenced in the available data.

Name

Pembroke Square

Legal name

Pembroke Square Associates

Website

https://pembrokemall.com

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

11–50 employees

Short description

Pembroke Square is a mixed-use lifestyle destination in Virginia Beach, Virginia Beach, hosting 20+ retail, dining, and entertainment tenants plus senior living (Aviva Pembroke), luxury apartments (The Pembroke), and an upcoming Tempo by Hilton hotel, owned by Pembroke Square Associates and managed by Pembroke Realty Group.

Ownership category

akta.pro rank

Product category

Mixed-Use Commercial Real Estate

NAICS

Continuing Care Retirement Communities (623311), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (62331), Hotels (except Casino Hotels) and Motels (721110)

SIC

Services-Nursing & Personal Care Facilities (8050), Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Specialty CCRCs (e.g., Memory-Care-Focused, Veteran-Focused) (HLADAEAK)

akta.pro secondary industries

Independent Living within CCRC Campuses (IL Component) (HLADAAAF), For-Profit / Investor-Owned CCRCs (HLADAEAD)

Keywords

• Mixed-use real estate
• Commercial property leasing
• Senior living community
• Luxury apartments leasing
• Retail destination management

Headquarters

HQ city

Virginia Beach

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Retail and Restaurant Lease Income: Pembroke Square generates primary revenue through leasing physical retail, dining, and service space to tenants including Target, Nordstrom Rack, Bath & Body Works, Fogo de Chão, LongHorn Steakhouse, and over 20 other retailers and restaurants. These are commercial lease arrangements with base rent and potentially percentage rent components typical of retail mall properties.
2. Senior Living Operations (Aviva Pembroke): Aviva Pembroke is a senior living community operated as a partnership between Pembroke Square Associates and Beth Sholom Village. The community includes 121 independent living apartments, 26 assisted living apartments, and 12 memory support units. Revenue is generated through senior living resident fees and service charges.
3. Multi-Family Residential Rent (The Pembroke): The Pembroke luxury apartment community offers multi-family residential units in the Virginia Beach Town Center area. Revenue is generated through monthly rental payments from apartment residents.
4. Hotel Operations (Tempo by Hilton): Tempo by Hilton is a partnership between Pembroke Square Associates and Landmark Hotel Group, expected to open in early 2027. The 163-room upscale lifestyle hotel will generate revenue through guest room bookings, food and beverage service (including two ground-floor public restaurants), meeting areas, and amenities. The hotel is expected to create approximately 70-80 jobs.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Pembroke Square is a mixed-use commercial real estate destination in Virginia Beach that leases physical retail, dining, and service space to commercial tenants, operates luxury multi-family residential apartments (The Pembroke), runs a senior living community (Aviva Pembroke), and is developing an upscale lifestyle hotel (Tempo by Hilton). The platform generates revenue through commercial lease arrangements, residential rentals, senior living service fees, and upcoming hotel operations as part of a $200 million redevelopment transforming the former Pembroke Mall into an integrated live-work-play-stay district.

Product overview

Pembroke Square is a mixed-use lifestyle destination in Virginia Beach, Virginia, developed and managed by Pembroke Realty Group and Pembroke Square Associates. The portfolio comprises the main Pembroke Square retail and dining complex (featuring over 20 retailers including Target, Nordstrom Rack, and various dining options), luxury apartments at The Pembroke, senior living at Aviva Pembroke (a partnership with Beth Sholom Village), and the upcoming Tempo by Hilton hotel (a partnership with Landmark Hotel Group opening 2027). The $200 million redevelopment project, announced in November 2021, is transforming the former Pembroke Mall into a unified live-work-play-stay destination.

Differentiator

Problem solved

Functional benefit

Products and services

• Pembroke Square Retail and Dining Destination A mixed-use lifestyle destination in Virginia Beach featuring over 20 retailers and restaurants including Target, Nordstrom Rack, Bath & Body Works, Fogo de Chão, LongHorn Steakhouse, and Jason's Deli. The property is leased and managed by Pembroke Square Associates and Pembroke Realty Group.
• The Pembroke Luxury Apartments Luxury multi-family apartment community located at 4554 Virginia Beach Blvd, offering residential units within walking distance of retail, dining, and entertainment venues in the Virginia Beach Town Center area.
• Aviva Pembroke Senior Living Senior living community at 373 Constitution Drive, Virginia Beach, offering 121 independent living apartments, 26 assisted living apartments, and 12 memory support units. Amenities include rooftop terrace, fitness room, indoor swimming pool, health and wellness classes, and chef-prepared meals. Operated as a partnership between Pembroke Square Associates and Beth Sholom Village.

Quantifiable outcome

• Pedestrian traffic increased 6.7% with 4.8 million total visits over 12-month period (April 2025–April 2026)
• +5 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Landmark Hotel GroupcoreStrategic or Co-development Partner · 2 June 2022Tempo by Hilton at Pembroke Square is a partnership between Pembroke Square Associates and Landmark Hotel Group. Landmark Hotel Group is the hospitality operating partner for the 163-room Tempo by Hilton hotel development at Pembroke Square. The hotel is expected to open in early 2027 and will feature 163 rooms, meeting areas, fitness center, bar and restaurant, and courtyard lounge with 134 parking spaces in an adjacent city parking garage.
• Beth Sholom VillagecoreStrategic or Co-development Partner · 1 March 2021Aviva Pembroke senior living community is a partnership between Pembroke Square Associates and Beth Sholom Village. The community is now open at 373 Constitution Drive, Virginia Beach, featuring 121 independent living apartments, 26 assisted living apartments, and 12 memory support units. Amenities include rooftop terrace, fitness room, indoor swimming pool, health and wellness classes, and chef-prepared meals.
• Pembroke Realty GroupcoreOthersPembroke Square is professionally managed by Pembroke Realty Group, which handles property management, leasing, and overall operations of the Pembroke Square mixed-use destination. Pembroke Realty Group is led by Fred Napolitano Sr. (Emeritus) and Ramsay S. Smith (President), both recognized in Inside Business Power List 2026.
• ICSC (International Council of Shopping Centers)minorOthersPembroke Square is proudly affiliated with ICSC (International Council of Shopping Centers), the global trade association for the shopping center industry. ICSC provides resources, networking, and professional development for retail real estate professionals.
• Retail AllianceminorOthersPembroke Square is affiliated with Retail Alliance, a Hampton Roads retail industry association supporting retail businesses in the Virginia Beach region.
• CBDA (Community Business Development Association)minorOthersPembroke Square is affiliated with CBDA (Community Business Development Association), supporting business development in the Hampton Roads region.
• Hampton Roads ChamberminorOthersPembroke Square is affiliated with the Hampton Roads Chamber, the regional chamber of commerce serving the Hampton Roads business community in Virginia.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Macerich: Public retail REIT operating regional malls and mixed-use destinations across the U.S. Highly comparable to Pembroke Square's retail-anchored operating model, though at national scale and as a public peer rather than a single-asset private operator.
• Brixmor Property Group: Public REIT owning and operating open-air shopping centers. Comparable in retail-anchored community-center format and tenant mix (Target, off-price, dining), though operates a much larger national portfolio.
• Brookfield Properties: Operates mixed-use and retail real estate assets across major U.S. markets. Comparable in delivering large-scale mixed-use repositionings, though at much larger asset size and with broader diversification.
• Welltower: Public healthcare REIT with major senior housing portfolio including CCRC-style communities. Comparable to Aviva Pembroke's independent living / assisted living / memory support structure.
• Federal Realty Investment Trust: Public REIT specializing in mixed-use town-center and open-air destinations. Directly comparable live-work-play-stay model to Pembroke Square, including integration of residential, hotel-adjacent, and retail components.

Direct peers

• WS Development: Private mixed-use developer known for transforming legacy retail properties into integrated live-work-play destinations. Closely comparable to Pembroke Square's $200M mall-to-mixed-use redevelopment strategy.
• Atria Senior Living: Large private senior living operator offering independent living, assisted living, and memory care. Directly comparable to Aviva Pembroke's three-tier service model and partnership-style operations.
• Beth Sholom Village: Senior living operator and joint venture partner for Aviva Pembroke. Comparable as the operating partner whose expertise underpins Pembroke Square's senior living vertical; relevant due to alignment of business model in the JV.

Regional players

• AvalonBay Communities: Public multifamily REIT focused on urban and high-density apartment communities. Comparable to The Pembroke luxury apartment component, though AvalonBay operates at much larger national scale.

Others

• Hilton (Tempo brand): Owner/operator of the Tempo by Hilton lifestyle brand. While not a property peer, Hilton is the franchisor and brand partner for Pembroke Square's upcoming hotel and is central to the property's hospitality revenue thesis.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/PembrokeSquareVB
• Xx.com/pembrokesq_vb
• LinkedInlinkedin.com/company/pembrokesquarevb

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pembroke Square